view this Morning Note

7 June 2016
Anchor Capital is delighted to celebrate the third birthday of the Anchor
BCI Worldwide Flexible Fund (‘the Fund’). This gives rise to the
important three-year track record and is a great opportunity to evaluate
the fund’s performance relative to its benchmark and the peer group.
The Fund has done well on both counts, comfortably outperforming the
benchmark (SA CPI plus 4%) and is at the top of the peer group - 1st
out of 41 funds over 1 year to April 2016; 3rd out of 29 funds over two
years; we await the final numbers over three years. Whilst the first three
years have been promising, we feel there is still much room for
improvement.
One of the attractions of the Anchor BCI Worldwide Flexible Fund is that
it offers a very convenient way of investing offshore. By using a rand
denominated unit trust, we diversify your local savings away from South
Africa and invest directly in offshore assets. The Fund does this by
investing primarily in equities, typically those in the developed markets
of the US, UK and Europe. Although the Fund has a flexible mandate,
which means that it can invest in equities, bonds, listed property and
cash across the globe, our bias is towards equities in these territories.
Emerging markets have not piqued our interest much thus far.
Our investment approach is to buy companies with a durable
competitive advantage, and to invest for the long term. There are few
greater pleasures than unearthing businesses like Admiral Group plc,
US Bancorp and, the better known, Unilever, and anticipating superior
returns over the long term. The Fund is typically invested in about 20
companies, providing enough focus for our research efforts while at the
same time offering sufficient diversification. Ultimately, we don’t want to
lose money on any one investment, which implies a great deal of
research before pushing the buy button. In the first three years we have
sold only two investments, Ebay and Tesco.
With the rand having weakened for five long years, is it still smart to
invest offshore? We clearly are in a weak rand environment (as are
many other emerging market currencies including the Brazilian real) as
South Africa and others feel the effect of China’s waning resource
needs, diminished portfolio flows to emerging markets, and, in some
cases, political instability. It is difficult to predict when we will return to a
strong rand environment, but as we know this tends to coincide with a
broader cycle of capital flows back to emerging markets. Some policy
reform in South Africa would clearly assist. To avoid the stress of trying
to time the currency, we often suggest that clients simply invest smaller
amounts on a regular basis.
If you are interested in investing in the Anchor BCI Worldwide Flexible
Fund, please contact us at www.anchorcapital.co.za/bci-wf, on social
media or at sales@anchorcapital.co.za.
David Gibb
Fund Manager: Anchor BCI Worldwide Flexible Fund
Fund manager Peter Little discusses the movements in the US
dollar and the implications these movements have for other
asset classes
Glen Baker, Anchor's Head of Alternative Investments, speaks
about the change in hedge fund regulations and what Anchor
has to offer.
7 June 2016
54,746
6,336
53,528
6,222
52,310
6,107
51,092
6-May
17-May
26-May
6-Jun
South African markets closed weaker yesterday, shrugging off S&P’s
decision on Friday to leave the nation’s credit rating unchanged. Sasol
plunged 10.8% after it warned that its headline EPS for FY16 would fall
by between 10.0% and 30.0% due to lower oil prices. SABMiller and
British American Tobacco declined 2.9% and 1.0%, respectively. Gold
miners, Sibanye Gold. Gold Fields and Harmony Gold Mining Co. fell
2.1%, 1.6% and 0.8%, respectively. However, miners, Anglo American
and African Rainbow Minerals climbed 8.3% and 6.5%, respectively.
Telkom SA SOC rose 8.3%, after it announced a 26.0% rise in its
dividend for FY16. Oakbay Resources and Energy advanced 4.8%.
The JSE All Share Index declined 0.5% to close at 53,990.76.
5,993
6-May
17-May
26-May
6-Jun
UK markets ended higher yesterday, led by a rally in commodity
stocks. Miners, Anglo American, Rio Tinto and BHP Billiton soared
11.1%, 6.4% and 6.3%, respectively, as metals prices rose. BP and
Royal Dutch Shell and BP climbed 2.8% and 1.5%, respectively, on
higher crude oil prices. However, Barratt Developments, Persimmon
and Taylor Wimpey fell 1.6%, 1.5% and 1.1%, respectively, after polls
indicated more support for a Brexit. easyJet lost 1.1%, after its load
factor dropped in May amid a rise in cancellations due to French air
traffic strikes and weather conditions. Its peer, International
Consolidated Airlines Group slipped 0.9%. The FTSE 100 advanced
1.0%, to close at 6,273.40.
S
2,131
17,407
2,094
16,920
2,057
16,433
2,020
6-May
17-May
26-May
6-Jun
US markets ended higher yesterday, after the Federal Reserve (Fed)
Chief, Janet Yellen, avoided providing an explicit timing for interest rate
hikes in the nation. Energy firms, Transocean and Chesapeake Energy
Corp., soared 14.7% and 11.7%, respectively, amid an increase in oil
prices. Banks, JPMorgan Chase & Co, Citigroup and Bank of America
Corp. gained 1.0%, 0.8% and 0.7%, respectively. On the flipside,
Adamis Pharmaceuticals Corp. plunged 53.8%, after the Food and
Drug Administration indicated that it would require more tests for its
new drug application. The S&P 500 Index rose 0.5% to settle at
2,109.41, while the DJIA Index advanced 0.6% to close at 17,920.33.
The NASDAQ Index climbed 0.5% to end the trading session at
4,968.72.
15,946
6-May
17-May
26-May
6-Jun
Markets in Asia are trading firmer this morning, mirroring overnight
gains in the US equities. In Japan, Pigeon Corp. has soared 12.7%,
after it reported upbeat net earnings for the 1Q16. Inpex and Japan
Petroleum Exploration have gained 3.9% and 3.1%, respectively, amid
gains in crude oil prices. However, Suzuki Motor has lost 1.4%, on
news that the government plans to re-test some of its automobiles for
fuel efficiency. In Hong Kong, Hang Lung Properties has advanced
0.8%. In South Korea, POSCO climbed 6.9%. The Nikkei 225 index is
trading 0.7% higher at 16,689.14. The Hang Seng index is trading
0.8% up at 21,193.37, while the Kospi index is trading 1.0% higher at
2,005.50.
Last Close
1D Chg
1D % Chg
YTD% Chg
1M % Chg
1Y % Chg
P/E Multiple (x)
JSE All Share
53,990.76
-268.60
-0.5
6.5
5.0
4.4
17.78
JSE Africa Resource 10
31,336.68
-128.31
-0.4
23.4
2.3
-25.1
45.27
JSE Africa Financial 15
15,530.50
68.60
0.4
1.9
6.9
-5.0
9.87
JSE Africa Industrial 25
73,390.93
-679.77
-0.9
2.3
6.5
11.7
28.79
FTSE 100
6,273.40
63.77
1.0
0.5
2.4
-7.8
47.05
German DAX 30
10,121.08
17.82
0.2
-5.8
2.5
-9.6
21.79
France CAC 40
4,423.38
1.60
0.04
-4.6
2.8
-10.1
22.45
S&P 500
2,109.41
10.28
0.5
3.2
2.5
0.8
19.53
17,920.33
113.27
0.6
2.8
1.0
0.4
17.01
4,968.71
26.20
0.5
-0.8
4.9
-2.0
30.94
16,689.14
109.11
0.7
-12.9
2.9
-19.0
19.79
2,929.79
-4.31
-0.1
-17.1
0.7
-41.6
16.18
21,193.37
163.15
0.8
-4.0
4.6
-22.9
10.63
Dow Jones Industrials
Nasdaq Composite
Nikkei 225*
Shanghai Composite*
Hang Seng Index*
*Time - SAST 6:00:00 AM
7 June 2016


$/bbl
Yesterday, the Illinois North Central No.2 Yellow corn spot prices
rose 2.3% to $4.09/bushel.
50.3
4.1
47.7
3.9
45.2
3.7
42.6
3.5
6-May
17-May
Crude - LHS
At 06:00 SAST today, gold prices declined 0.2% to trade at
$1,243.35/oz. Yesterday, gold gained 0.1% to close at $1,245.34/oz,
amid a weaker US dollar and comments by the US Fed Chairwoman,
Janet Yellen.
26-May
6-Jun
Corn - RHS
Gold & Platinum Prices Spot
Yesterday, copper declined 0.2% to close at $4,688.50/mt.
Aluminium closed 0.5% higher at $1,542.75/mt.
131 5
110 1
127 0
104 7
122 5
993
118 1
$/oz

At 06:00 SAST today, Brent crude oil fell 0.2% to trade at $48.92/bl.
Yesterday, Brent crude oil fell marginally to settle at $49.02/bl.
Meanwhile, increased violence in Nigeria disrupted crude supply and
temporarily eased concerns of a persistent supply glut.
$/oz

$/bushel
Crude Oil and Corn Prices Spot
939
6-May
17-May
Gol d - LHS
26-May
6-Jun
Platinu m - RHS
Copper, Aluminium & Iron Ore Prices Spot
(Rebased to 100)
100
93
87
80
6-May
Copper
17-May
Aluminium
26-May
6-Jun
Iron Ore 62% Fe Content - CFR Qingdao China
USD/ZAR Movement
16.028 5

Yesterday, the South African rand strengthened against the US dollar.
The Fed Chair, Janet Yellen, indicated that the recent US employment
report was "disappointing" but that she expects the positive economic
forces to outweigh the negatives. Giving an upbeat assessment of the
US economy, she stated that she expects a gradual increase in interest
rates. Later today, investors will keep tabs on South Africa’s net gold
and forex reserves data as well as the SACCI business confidence
index for further direction. In the US, a report on consumer credit and
the IBD/TIPP economic optimism index will be eyed.

The yield on benchmark government bonds fell yesterday. The yield on
2016 bond declined to 7.28% while that for the longer-dated 2026 issue
fell to 9.05%.

At 06:00 SAST, the US dollar is trading 0.2% higher against the South
African rand at R14.9312, while the euro is trading 0.2% higher at
R16.9569. At 06:00 SAST, the British pound has gained 0.5% against
the South African rand to trade at R21.6340.

Yesterday, the euro advanced against most of the major currencies,
but declined against the US dollar. Data revealed a more-thanexpected drop in German factory orders for April. In the eurozone,
investor confidence improved more-than-forecast for June. Earlier in
the session, data indicated a rise in retail sales in the UK for May.
Going forward, eurozone’s gross domestic product data will attract
market attention. Also, Germany’s industrial production data and
French trade balance are scheduled to release in a few hours.

At 06:00 SAST, the euro slipped marginally against the US dollar to
trade at $1.1350, while it has weakened 0.3% against the British pound
to trade at GBP0.7842.
15.585 3
15.142 2
14.699 0
6-May
17-May
26-May
6-Jun
EUR/ZAR Movement
17.973 1
17.568 3
17.163 5
16.758 7
6-May
17-May
26-May
6-Jun
GBP/ZAR Movement
23.423 0
22.696 1
21.969 3
21.242 4
6-May
17-May
26-May
6-Jun
7 June 2016
% Closing
Yield
% Change
on Day
Yield % 1M Ago
South Africa CPI*
6.20
0.00
6.30
South Africa Repo Rate
7.00
0.00
7.00
JSE SA Listed Property Index
5.07
-1.36
5.18
R159 (2016) (SA Bond)
7.28
-0.07
7.43
R207 (2020) (SA Bond)
8.44
-1.46
8.52
R186 (2026) (SA Bond)
9.05
-1.50
9.13
US 10 Year Treasury
1.74
2.13
1.78
US 30 Year Treasury
2.56
1.88
2.63
Italian 10 Year Treasury
1.47
10.13
1.49
German 10 Year Treasury
0.09
26.47
0.14
YIELD CORNER
SOUTH AFRICAN GOVERNMENT BOND YIELDS
10.7%
9.8%
8.9%
8.1%
7.2%
6.4%
Jun-15
Sasol Ltd (43252.00, -5248.00, -10.8%)
Kumba Iron Ore Ltd (8514.00, 664.00, 8.5%)
Delta Property Fund Ltd (685.00, -40.00, -5.5%)
Telkom SA SOC Ltd (6500.00, 500.00, 8.3%)
Bid Corp Ltd (27125.00, -1374.00, -4.8%)
Afrimat Ltd (2048.00, -102.00, -4.7%)
Finbond Group Ltd (306.00, -15.00, -4.7%)
Mar-16
Anglo American Plc (14795.00, 1136.00, 8.3%)
African Rainbow Minerals Ltd (8405.00, 510.00, 6.5%)
Exxaro Resources Ltd (6720.00, 400.00, 6.3%)
Blue Label Telecoms Ltd (1668.00, 98.00, 6.2%)
EOH Holdings Ltd (13340.00, -560.00, -4.0%)
Assore Ltd (16949.00, 949.00, 5.9%)
Northam Platinum Ltd (4276.00, -145.00, -3.3%)
SABMiller Plc (93349.00, -2788.00, -2.9%)
-7.2%
-4.8%
-2.4%
PPC Ltd (1047.00, 57.00, 5.8%)
Trustco Group Holdings Ltd (400.00, 20.00, 5.3%)
Peregrine Holdings Ltd (2820.00, 120.00, 4.4%)
0.0%
Figures in bracket indicate (Last Close, Absolute Change, % Change)
Jun-16
R186 (2026)
MAS Real Estate Inc (2058.00, -87.00, -4.1%)
Coronation Fund Managers Ltd (6666.00, -244.00, -3.5%)
-9.6%
Dec-15
R159 (2016)
* As on April 2016
-12.0%
Sep-15
2.4%
4.8%
7.2%
9.6%
12.0%
7 June 2016
Company Name
Price (R) - Local
Exchange
Primary Exchange
Price (Primary Equivalent Price Price Difference
Exchange)
(R)
(R)
Anglo American Plc
147.95
London Stock Exchange
6.87 GBP
148.54
-0.59
BHP Billiton Plc
190.92
London Stock Exchange
8.86 GBP
191.63
-0.71
British American Tobacco Plc
928.51
London Stock Exchange
42.72 GBP
924.10
4.41
Capital & Counties Properties Plc
74.25
London Stock Exchange
3.43 GBP
74.20
0.05
Cie Financiere Richemont SA*
92.24
SIX Swiss Exchange
59.75 CHF
91.86
0.38
Intu Properties Plc
65.38
London Stock Exchange
3.02 GBP
65.23
0.15
Investec Plc
102.39
London Stock Exchange
4.70 GBP
101.70
0.69
Lonmin Plc
40.55
London Stock Exchange
1.89 GBP
40.83
-0.28
Mondi Plc
292.00
London Stock Exchange
13.46 GBP
291.19
0.81
New Europe Property Investments Plc/Fund
185.59
London Stock Exchange
10.38 EUR
175.93
9.66
40.21
London Stock Exchange
1.85 GBP
39.91
0.30
Pan African Resources Plc
3.24
London Stock Exchange
0.15 GBP
3.19
0.05
Reinet Investments SCA*
34.69
Luxembourg Stock Exchange
19.20 EUR
32.56
2.13
Old Mutual Plc
SABMiller Plc
933.49
London Stock Exchange
43.15 GBP
933.51
-0.02
AngloGold Ashanti Ltd
235.18
New York Stock Exchange
15.91 USD
237.56
-2.38
DRDGOLD Ltd*
7.62
New York Stock Exchange
5.09 USD
7.60
0.02
Gold Fields Ltd
60.83
New York Stock Exchange
4.12 USD
61.52
-0.69
Harmony Gold Mining Co Ltd
50.80
New York Stock Exchange
3.57 USD
53.30
-2.50
9.93
London Stock Exchange
0.46 GBP
9.87
0.06
Glencore Xstrata Plc
31.05
London Stock Exchange
1.44 GBP
31.17
-0.12
Steinhoff International Holdings NV
93.19
Xetra Stock Exchange
5.51 EUR
93.50
-0.31
114.40 EUR
1,939.87
12.37
Redefine International Plc/Isle of Man
Anheuser-Busch
1,952.24
En Brussels Stock Exchange
* Depositary Reciepts (DR) trade in the ratio of ten DRs to each Company share; Exchange Rate - USDZAR:14.9312, EURZAR:16.9569, GBPZAR:21.6340,
CHFZAR:15.3740, Conversion rate as of 6:00 SAST
Company Name
Tsogo Sun Holdings Ltd
Tiger Brands Ltd
Italtile Ltd
JSE Ltd
Illovo Sugar Ltd
Closing Price (R)
1D% Chg
52 Week High / Low
27.47
0.9%
Hits 52 Week High
368.02
0.0%
Hits 52 Week High
13.60
0.0%
Hits 52 Week High
176.57
0.9%
Hits 52 Week High
24.84
0.4%
Hits 52 Week High
7 June 2016

On a yearly basis, in the UK, retail sales across all sectors rose 0.5% in May, higher than market expectations for an advance of 0.3%. Retail sales
across all sectors had registered a drop of 0.9% in the previous month.

The seasonally adjusted factory orders slid 2.0% on a monthly basis in Germany, in April, compared with a revised rise of 2.6% in the prior month.
Market anticipation was for factory orders to ease 0.50%.

The investor confidence index recorded a rise to 9.90 in the eurozone, in June, compared with market expectations of a rise to 7.00. In the prior
month, the investor confidence index had recorded a reading of 6.20.

The US Fed Chairwoman, Janet Yellen, gave a largely upbeat assessment of the US economic outlook and signaled a gradual increase in the
interest rate. She further indicated that although the recent US employment report was "disappointing", she expected the positive economic forces to
outweigh the negatives.

The Reserve Bank of Australia (RBA) in its latest monetary policy meeting, kept the key interest rate unchanged at 1.75%, in line with market
expectations.

The AiG performance of construction index in Australia registered a drop to 46.70 in May, compared with a level of 50.80 in the prior month.
Consensus/
*Actuals
Previous/
**Previous Est.
Frequency

0.5%*
-0.9%
Monthly

$1254.00bn*
$1262.50bn
Monthly
100.70
99.30
Monthly
0.7%
-1.3%
Monthly

$40.85bn
$41.16bn
Monthly

$46.28bn
$46.96bn
Monthly

-
-EUR27.50bn
Monthly
Trade Balance (Apr)

-EUR4.45bn
-EUR4.37bn
Monthly
9:00
Foreign Currency Reserves (May)

-
CHF587.60bn
Monthly
Spain
9:00
Industrial Output Cal Adjusted (YoY) (Apr)

2.4%
2.8%
Monthly
UK
9:30
Halifax House Prices (MoM) (May)

0.3%
-0.8%
Monthly
Eurozone
11:00
Gross Domestic Product s.a., Final (QoQ) (1Q)

0.5%
0.5%**
Quarterly
South Africa
11:30
SACCI Business Confidence Index (May)

-
82.50
Monthly
Eurozone
13:00
ECB's Makuch Speaks in Bratislava

-
-
-
Canada
16:00
Ivey PMI s.a. (May)

51.00
53.10
Monthly
US
16:00
IBD/TIPP Economic Optimism (MoM) (Jun)

48.20
48.70
Monthly
Eurozone
17:00
ECB's Knot Speaks in Dutch Parliament

-
-
-
France
17:00
Bank of France's Villeroy de Galhau Speaks at SciencesPo

-
-
-
Eurozone
17:25
ECB's Angeloni, IMF's Vinals to Speak on Panel in NYC

-
-
-
US
21:00
Consumer Credit Change (Apr)
$18.00bn
$29.67bn
Monthly
Country
SAST
Economic Indicator
UK
1:01
BRC Retail Sales Monitor - All (YoY) (May)
Japan
1:50
Japan Foreign Reserves (May)
Japan
7:00
Leading Economic Index, Prelim (Apr)

Germany
8:00
Industrial Production s.a. (MoM) (Apr)

South Africa
8:00
Net Gold & Forex Reserve (May)
South Africa
8:00
Gross Gold & Forex Reserve (May)
France
8:45
Budget Balance (Apr)
France
8:45
Switzerland
Note:
 High
 Medium
Relevance
 Low

7 June 2016
South Africa

Telkom SA SOC Limited: The telecommunications provider, in its FY16 results, revealed that its net revenue from continuing operations
advanced 3.7% from the preceding year to R27.56bn. Its diluted headline EPS stood at 325.10c, compared with 581.10c recorded in the previous
year. For FY17, the company expects net revenue to grow 23.0% - 25.0%.

Sasol Limited: The energy and chemical company, in its trading statement for FY16, stated that its headline EPS is expected to decrease
between 10.0% and 30.0%. It anticipates EPS to fall between 53.0% and 73.0%. The company indicated that the preliminary findings of the review of
the Lake Charles Chemicals Project revealed that the expected total capital expenditure for the project could rise to $11.00bn, due to delay in
construction. Further, it also indicated that the expected returns for the project have reduced due to changes in long-term price assumptions and the
higher capital estimates.

AECI Limited: The chemicals company, in its trading statement for 1H16, stated that its headline EPS is expected to be at least 113.00c
lower than the 565.00c recorded in the corresponding period in the prior year. Its EPS is anticipated to be 118.00c lower than the 588.00c posted in
the same period in the preceding year.

If Walmart sells Massmart stake, who has the money to buy it?: As speculation gains traction that Walmart is selling off its anchor
shareholding in African partner Massmart, industry pundits are concerned that finding an investor with enough funds to take over may prove difficult.

Gold Fields likes AngloGold mine but it is not as good as sold: Gold Fields is interested in buying AngloGold Ashanti ’s Iduapriem mine in
Ghana as the precious metal producer seeks to increase output from West Africa by about two-thirds to a million ounces.

Northam temporarily closes Zondereinde mine: Northam Platinum has temporarily suspended its Zondereinde mine in Limpopo because of
violence and intimidation that has spread to the mine from the nearby town of Northam.

Net 1 seeks clarity after SA stops welfare deductions: Net 1 UEPS Technologies, which has a government contract to pay South African
welfare grants to 16.90mn beneficiaries, has asked the country’s High Court to rule on whether a ban on direct deductions from grants applies to all
services or just life insurance.
UK and US

Casey's General Stores Inc.: The chain of convenience stores, in its FY16 results, stated that its total revenue decreased to $7.12bn from
$7.77bn posted in the previous year. However, its diluted EPS rose 24.0% from the prior year to $5.73. For FY17, the company aims to increase
same-store grocery and other merchandise sales by 6.2% and same-store prepared food and fountain sales by 10.2%.

United Natural Foods Inc.: The distributor of food products, in its 3Q16 results, revealed that its net sales advanced 0.8% from the same
period of the preceding year to $2.13bn while diluted EPS stood at $0.76, compared with $0.83 recorded in the corresponding period of the previous
year. For FY16, the company expects net sales to be in the range of approximately $8.46bn to $8.50bn and diluted EPS to be approximately between
$2.39 to $2.45.

Xcerra Corporation: The semiconductor manufacturer, in its 3Q16 results, indicated that its net sales decreased to $82.24mn from
$96.23mn posted in the corresponding period of the previous year. It recorded a non-GAAP diluted net loss of $0.08/share, compared with a nonGAAP diluted net EPS of $0.47 in the same period of the prior year. For 4Q16, the firm expects net sales to be between $89.00mn and $93.00mn and
non-GAAP net EPS to be in the range of $0.07 to $0.10.

Sigma Designs Inc.: The semiconductor technology designer, in its 1Q17 results, revealed that its net revenue declined 3.8% from the same
period of the preceding year to $53.78mn. Its non-GAAP diluted net loss stood at $0.12, compared with a non-GAAP diluted net EPS of $0.09
recorded in the corresponding period of the previous year. Its loss from operations stood at $6.01mn, following an income from operations of $1.41mn
posted in the similar period in the prior year.

Layne Christensen Co.: The water management, construction and drilling company, in its 1Q17 results, stated that its revenue decreased to
$159.74mn from $174.27mn posted in the corresponding period of the previous year. However, its basic and diluted loss from continuing operations
rose 32.4% from the same period of the prior year to $0.45/share. Its loss from continuing operations before income taxes declined 30.6% from the
similar period of the preceding year to $7.59mn.

Covisint Corporation: The information technology company, in its FY16 results, indicated that its revenue declined 14.1% from the
preceding year to $76.02mn. Its adjusted non-GAAP diluted loss stood at $0.33/share, compared with $0.52/share recorded in the previous year. Its
loss before income tax provision fell to $14.71mn, from $38.45mn posted in the prior year.

Vodafone Group Plc: The telecommunications company along with Afrimax Group announced a new Partner Market agreement for Zambia,
in which they will offer high speed 4G data services using the 'Vodafone Zambia' brand. For the roll out of Vodafone Zambia, Vodafone branded retail
stores and kiosks would be opened in key locations.

WPP Plc: The advertising and public relations company announced that Always Marketing Services, majority -owned by J. Walter Thompson,
a WPP operating company, has acquired ePromode Sdn Bhd, a leading brand activation agency in Malaysia. It indicated that this acquisition will
established Always' presence in the Malaysian market and signals WPP's commitment to catering to clients' needs in Asia.

easyJet Plc: The low-cost airline carrier, in its passenger statistics for May 2016, revealed that the number of passengers increased to 6.86mn, from
6.49mn posted in the corresponding month of the previous year. However, it stated that the load factor (the number of passengers as a proportion of
the number of seats available for passengers) dipped slightly by 0.1% to 91.6% recorded in the same month last year. It indicated that French ATC
strikes and weather conditions accounted for 173 cancellations last month.
7 June 2016

Randgold Resources: The Chief Executive of the gold mining company, Mark Bristow, stated that its Kibali Gold mine in the Democratic
Republic of Congo, has demonstrated the capacity of mining to enhance the economies of African countries and improve the lives of their people. He
indicated that the mine represents an investment of $1.80bn to date.

Coca-Cola HBC AG: The bottling company, in its operations update, indicated that it expects average annual revenue to grow 4.0% to
5.0% in the medium term on a currency-neutral basis and a reduction in comparable operating expenses as a percentage of net sales revenue to
26.0 to 27.0%. It expects comparable EBIT margin to improve to 11.0%.

PZ Cussons Plc: The company revealed that Caroline Silver has been appointed as a Non -Executive Chair, effective from 1 January 2017
following the retirement of Richard Harvey.

Hansteen Holdings Plc: The property investment company revealed that Melvyn Egglenton will succeed Non -Executive Chairman, James
(Jamie) Hambro, who has announced his intention to retire.

Electra Private Equity Plc: The investment trust announced that on its behalf, Electra Partners has agreed to sell Elian to Intertrust Group
NV for GBP435.00mn. Following completion of the transaction, which is expected during the 3Q16 or 4Q16, Electra is expected to receive total
proceeds of c.GBP200.00mn.
Financial Times

Former LME Boss eyes new metals exchange: The former Head of the London Metal Exchange is considering setting up a metals
exchange to rival the Hong Kong Exchanges and Clearing-owned bourse. To Read More Click Here

Lukoil raises spending to boost output after price rebound: Lukoil on Monday said it was responding to the rebound in oil prices this year
by increasing investments in its ageing Siberian fields in the hope of slowing a sharp fall in production. To Read More Click Here

Shell’s asset disposal plans face delay: Royal Dutch Shell’s $30.00bn asset disposal programme put in place after its takeover of BG Group is
likely to drag on beyond 2018 if oil prices remain depressed. To Read More Click Here

Rothschild & Co. buys Martin Maurel: Investment bank Rothschild & Co. has announced the acquisition of French regional private bank
Martin Maurel in an effort to beef up its asset management business. To Read More Click Here

New bank safety plans criticized for encouraging risky loans: Banks will be encouraged to lend more to their weakest borrowers and take
on excessive risks if global regulators push ahead with a rule change aimed at making it harder to cheat on safety measures, a leading industry
group has warned. To Read More Click Here

Price of cancer drugs vastly higher in US, according to study: The price of cancer drugs in the US is vastly higher than in other nations,
according to new research that shines a light on how the cost of treating the life-threatening disease differs considerably depending on where the
patient lives. To Read More Click Here

Heseltine lays out plans to revive Teesside: Lord Heseltine has laid out his plans to rejuvenate Teesside, once at the heart of the industrial
revolution, but now described by him as “a scene of desolation, a memory of industrial activity now gone” along four miles of its south bank. To Read
More Click Here

Germany urges EU to tighten law on car emissions cheating: The EU is facing calls from Berlin to tighten the ban on cheating in car
emissions tests after revelations that manufacturers other than Volkswagen have been installing defeat devices in their vehicles without necessarily
breaking the law. To Read More Click Here

Redstone group moves to block Paramount stake sale: Sumner Redstone’s National Amusements group has moved to block Viacom from
selling a minority stake in Paramount Pictures, the studio behind Teenage Mutant Ninja Turtles, intensifying the dispute between the Redstone family
and the media group’s board. To Read More Click Here

Brussels threatens to eradicate weed killer sold by Monsanto: The EU risks a legal showdown with agrichemical group Monsanto and
farming unions after leading member states on Monday refused to extend a licence for glyphosate, the world’s most common herbicide. To Read
More Click Here
Lex:

OneSavings Bank: Buy-to-fret?: Three staples of the British dinner party: screw-cap wine, hummus and a tiresome discussion of property
prices. To Read More Click Here

Brexit: The case for shrugging: Like a gambler playing Russian Roulette, currency traders need a feel for asymmetric outcomes. On
average, the player comes out ahead, but the average is not what he will experience. To Read More Click Here

U.S. economy: Capital punishment: Last week Brent crude futures closed above $50.00 for the first time since November. Sighs of relief
all round: how bad can the economy be when fuel prices are rising? To Read More Click Here

DuPont/Chemours: Acid trip: The Chief Executive of Chemours described the chemicals group as “a 200-year old start-up” when it was
carved out of DuPont last year. To Read More Click Here
7 June 2016
South Africa
Full Year Consensus
Company Name
Results
Currency
Estimated EPS
Estimated Revenue (Millions)
No major corporate releases today
UK
Full Year Consensus
Company Name
Results
Currency
Estimated EPS
Estimated Revenue (Millions)
No major corporate releases today
Europe
Full Year Consensus
Company Name
Results
Currency
Estimated EPS
Estimated Revenue (Millions)
No major corporate releases today
US
Full Year Consensus
Company Name
Results
Currency
Estimated EPS
Estimated Revenue (Millions)
HD Supply Holdings Inc.
1Q
$
2.61
7,850.00
Michaels Companies Inc.
1Q
$
1.95
5,340.00
Verint Systems Inc.
1Q
$
3.04
1,130.00
Dave & Buster's Entertainment Inc.
1Q
$
1.81
982.00
Healthequity Inc.
1Q
$
0.46
173.15
Duluth Holdings Inc.
1Q
$
0.69
377.60
Isle of Capri Casinos Inc.
4Q
$
1.24
984.83
Seneca Foods Corp.
4Q
$
1.93
-
Hooker Furniture Corp.
1Q
$
2.20
560.40
Limoneira Co.
2Q
$
0.32
102.39
Capital Southwest Corp.
4Q
$
2.00
341.00
SeaChange International Inc.
1Q
$
0.04
111.11
Iao Kun Group Holding Co. Limted
1Q
$
(0.04)
110.50
OncoSec Medical Inc.
3Q
$
-1.72
0.00
Optical Cable Corp.
2Q
$
-
-
Note: All Estimates are for Full Year
7 June 2016
Date
Company Name
Dividend Type
Last Day to Trade
Amount
-
Balwin Properties Limited
Return of Capital
9-Jun-16
R0.21
-
Combined Motor Holdings Limited
Final
9-Jun-16
R0.85
-
Insimbi Refractory and Alloy Supplies Limited
Final
9-Jun-16
R0.03
-
International Hotel Group Limited
Regular Cash
9-Jun-16
GBP0.03
-
Life Healthcare Group Holdings Limited
Interim
9-Jun-16
R0.73
-
MICROmega Holdings Limited
Final
9-Jun-16
R0.43
-
Mazor Group Limited
Regular Cash
9-Jun-16
R0.09
-
Mediclinic International Plc
Final
9-Jun-16
GBP0.05
-
MiX Telematics Limited
Interim
9-Jun-16
R0.02
-
Niveus Investments Limited
Regular Cash
9-Jun-16
R0.10
-
Reunert Limited
Interim
9-Jun-16
R1.13
-
Sirius Real Estate Limited
Final
9-Jun-16
EUR0.01
-
Sygnia Limited
Interim
9-Jun-16
R0.25
-
Tsogo Sun Holdings Limited
Final
9-Jun-16
R0.67
-
Verimark Holdings Limited
Final
9-Jun-16
R0.04
-
Vukile Property Fund Limited
Final
9-Jun-16
R0.83
-
Wilderness Holdings Limited
Regular Cash
9-Jun-16
BWP0.15
7 June 2016
The business of money: Global asset management and stockbroking
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